Sensex shaken by European debt crisis

LD STOCKS

Mumbai, May 6 (PTI) Stock market bellwether Sensex lost
100 points Thursday to close below the 17,000 level, as world
markets wobbled on concerns that Europe is facing prospects of
a protracted debt crisis.
The Bombay Stock Exchange's 30-share index closed trade
at 16,987.53 points, down 0.59 percent or 100.43 points. The
barometer had tumbled 265 points in the intra-day trade to
touch a low of 16,823, but recovered partially in the final
hours as investors found shares at attractive bargains.
The retreat below 17,000 comes despite a good corporate
earnings season and within a month of the index touching the
18,000 level.
Analysts said selling pressure gathered momentum after
weakness in Asian peers, on fears that Greece's sovereign debt
crisis might spread to other European nations such as Portugal
and Spain, and impact the global economic recovery.
"Market ended on a weak note as the Greek storm continued
to wreak havoc across the globe and concerns also escalated on
Chinese government's monetary tightening spree" IIFL's Vice
President (Research) Amar Ambani said.
Asian markets ended in the red with China's benchmark
Shanghai plunging 4.11 per cent, the most in the region and
the Nikkei of Japan diving 3.27 per cent. Europe, however, was
trading in the green at mid-session.
Reliance Industries, which carries the maximum weight in
the Sensex constituents, declined 0.97 per cent to Rs 1,010.9,
while Infosys fell 1.03 per cent.
A healthy growth of 54 per cent in exports during March
and easing food inflation for the latest week failed to cheer
the investors sentiment. Exports for the full 2009-10 fiscal,
however, fell 4.7 per cent.
The 50-share Nifty Index of the National Stock Exchange
ended at 5,090.85 points, down by 0.66 per cent.
Barring health consumer and PSU, all the sectoral indices
of the BSE ended in the red, falling up to one per cent.
Tata Motors was the biggest loser in Sensex companies and
declined 2.52 per cent and was followed by Reliance Comm that
dropped 1.94 per cent, Bharti Airtel by 1.76 per cent Wipro by
1.66 per cent and HDFC by 1.58 per cent.
"The overseas developments would have significant impact
on Indian bourses. The sentiment remains fragile," Bonanza
Portfolio's Assistant VP (Research-Equity) Avinash Gupta said.
Among the 30-blue-chip stocks on the BSE, 21 settled with
loss, while 9 managed to end in green.
Cipla, which replaced Sun Pharma in Sensex on Monday, was
the biggest gainer of the day. The scrip ended with a net rise
of 2.93 per cent and was followed by HUL, Grasim and SBI. PTI
SKR
RDM


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